IIABNY Votes to Hit Department with Lawsuit Targeting Producer Compensation Regulation

by Steve Acunto

Our membership feels that the Producer Compensation Disclosure Regulation is an attack on their honesty and integrity. The majority of our membership are small business people. If we are not able to provide the proper coverage and pricing, our client can go down the block to find another agent or broker. We dont feel that there is a consumer need for mandated disclosure, and we find that the regulation is vague and will cause difficulty for agents and brokers to comply, said Lane Rubin, Chairman of the IIABNY, following the groups announcement of a lawsuit to undo the Producer Compensation Disclosure Regulation.